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Question # 00004999
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Updated on: 12/09/2013 01:19 AM Due on: 12/09/2013
Luke sold land valued at $210,000. His original basis in the land was $180,000.For the land, Luke received $60,000 in cash in the current year and a note providing$150,000 in the subsequent year. What is Luke's recognized gain in the current andsubsequent year, respectively
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Solution: Luke sold land valued at $210,000